How to Achieve Debt Freedom Without Sacrificing the Fun Stuff

In most cases, it’s not super easy to achieve debt freedom. But that doesn’t mean your life has to be miserable while you’re getting out of debt. In fact, you don’t have to sacrifice all the fun in your life just because you’re paying down debt.

You can still have fun!

In this post I’ll show you how to make a solid plan to achieve debt freedom without being miserable in the process.

Include Fun in Your Budget

Any good plan to achieve debt freedom includes a budget. Keep in mind, a budget is not about deprivation and lack. It’s simply a way to make a plan for your money before you spend it.

You can plan for anything you want, including going out to eat, movies, concerts, or whatever else you like to do for fun. As long as it’s not keeping you from achieving your ultimate goal, there’s nothing wrong with budgeting for something fun.

Cut Back Without Cutting Out the Fun

Just because you’re getting out of debt, it doesn’t mean you can’t still do things you love. All you have to do is find creative ways to have fun while spending less money. For instance:

Like to shop for clothes? Shop at a thrift store instead of retail. You can still find nice designer threads, sometimes with the tags still on.

Love to eat with friends? Instead of going to an expensive restaurant, have everyone meet at your house (or a friend’s). Everyone can bring food and still have a lot of fun watching a movie or having game night.

Like to travel? Find attractions you can you can visit on a day trip. No hotels and airfare means more money to pay off debt!

You can always find cheaper ways to have just as much fun. Just be creative and you'll come up with plenty of ideas!

Make Your Money Work Harder

Another way to make getting out of debt more enjoyable is to make your money work harder. There are plenty of things you can do to use your money more efficiently, ultimately saving you money to use for other things. Here are some good suggestions below.

More Money for Your Savings

As part of a solid debt freedom plan, you’ll need a savings account (or two) to hold your emergency fund, plus other money you’re saving for things like a vacation, your next car, etc.

Most savings accounts pay you just above nothing to hold your money. However, I found a great savings account from CIT bank that pays 22x the national average for your savings!

Refinance Your Student Loans

Student loans are one of the largest debts most people have. Did you know you can refinance them at a lower rate? By refinancing your student loans, you will potentially save tens of thousands of dollars over the life of the loan!

What’s more fun than that?

You’ll accelerate paying off your debt, especially if you use some of your side gig money to add to your payment.

My two favorite companies for refinancing student loans are Credible and SoFi.

Increase Your Income with Side Gigs

One of the best things you can do to accelerate the debt freedom process is to find ways to make extra money. The more money you add to your debt payments, the quicker you achieve debt freedom!

There are tons of things you can do to earn a few hundred dollars a month (or more!) to pay off debt.

The good thing about side gigs is you can work them when it fits into your schedule. Even if you’re busy you can carve out a few hours a week to make some extra money if you really try.

For instance, I’m a practicing dentist, and I’m writing this blog post in between patients during my regular work day. If you're willing to be creative, you can likely find time to fit a side gig into your schedule.